Modine Manufacturing Company (NYSE:MOD) Q1 2024 Earnings Conference Call August 3, 2023 10:00 AM ET
Corporate Participants
Kathy Powers - Vice President, Treasurer and Investor Relations
Neil Brinker - President and Chief Executive Officer
Mick Lucareli - Executive Vice President and Chief Financial Officer
Conference Call Participants
Matt Summerville - D.A. Davidson
Chris Moore - CJS Securities
Jeff Van Sinderen - B. Riley Securities
Tim Moore - EF Hutton
Operator
Good morning, ladies and gentlemen, and welcome to Modine's First Quarter Fiscal 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded.
I would now like to turn the conference over to your host, Ms. Kathy Powers, Vice President, Treasurer and Investor Relations.
Kathy Powers
Good morning and thank you for joining our conference call to discuss Modine's first quarter fiscal 2024 results. I'm joined on this call by Neil Brinker, our President and Chief Executive Officer; and Mick Lucareli, our Executive Vice President and Chief Financial Officer.
We will be using slides for today’s presentation, which can be accessed either through the webcast link or by accessing the PDF file posted in the Investor Relations section of our website, modine.com.
On Slide 3 is our notice regarding forward-looking statements. This call will contain forward-looking statements as outlined in our earnings release as well as in our company’s filings with the Securities and Exchange Commission.
With that, it is my pleasure to turn the call over to Neil.
Neil Brinker
Thank you, Kathy, and good morning, everyone.
This has been an exciting quarter for Modine. First, we delivered another record quarter with 15% top-line growth and adjusted EBITDA of $80.4 million, an increase of 91% from the prior year.
Second, we completed our first acquisition since announcing our transformation strategy with the addition of Napps Technology and the Jetson brand into our product portfolio in early July.
Napps has a small chiller range that fits nicely within our indoor air quality business, providing an additional product line for our target schools market. I'm excited to welcome Napps' President, Sam Neale and his team to Modine, and look forward to continuing to manufacture this great product at their facility in Longview, Texas. This acquisition is directly in line with our growth strategy, which is focused on differentiated technologies and systems that address real-world needs.
Most importantly, this acquisition demonstrates our commitment to responsibly investing in key verticals where our objective is to grow faster than the market. As a result, we're making great progress on our financial targets and planting the seeds for future growth. But this doesn't mean that we're reaching the end of the journey.